Today let’s turn back to global Bitcoin analysis because it’s important to understand where we are right now. As you know locally I expect small bounce and crash after, but it does matter absolutely nothing if we are talking about the potential bull market start.
On the 1W timeframe of BTCUSDT chart we can see the huge “falling wedge”. I use quotes for this pattern name because in my experience patterns are the garbage, all patterns can be explained by the Elliott waves. Anyway such huge wedges breaks through to the upside. After that the price will rise to the middle of this wedge before the first significant correction.
Let’s swich to the Elliott waves approach instead of classical “chart patterns”. Bear market did really start in April 2021, after that we have already seen waves A and B, now the Bitcoin is finishing the wave C, which consists of the waves 12345. As you know I expect the wave 5 finish very soon. After we have to carefully observe the price action. If we will see the local 12345 waves cycle – it could be interpret as the wave 1. The price target for wave 1 is up to $45k! The corrective wave 2 should be represented as a zigzag to confirm the new bull market start. I am risky man – I am going to enter the long trade of whole life at the approximately $17k. I’ve been waiting for this signal more that half of a year, I was patient and hope market will give me my reward.
The key confirmation of the bear market end is the divergence with any oscillator, for example Relative Strength Index (RSI). If the lower low happens the divergence will be confirmed. I am tired to wait, but we have to do it!
Guys, if you like my content, please, support me with your likes and comments. I try to become better as a trader and analyst every day and always share my ideas with you.
Best regards, Ivan!